MFG tenders for up to 70,000 T corn, traders say

The South Korean feed mill seeks corn for livestock feed
calendar icon 28 March 2024
clock icon 1 minute read

South Korea's Major Feedmill Group (MFG) has issued an international tender to purchase up to 70,000 metric tons of animal feed corn to be sourced from South America or South Africa only, Reuters reported, citing European traders on Wednesday.

The deadline for submission of price offers in the tender is Thursday, March 28.

The corn is sought for arrival in South Korea in one consignment around June 30, they said.

Shipment was sought between April 27 and May 16 if from South America, or May 12-May 31 from South Africa.

Price offers in the tender are sought both in outright terms per ton cost-and-freight included (c&f) or at a premium over the Chicago May 2024 CK24 corn contract.

Falling corn prices are generating more Asian import purchases this week ahead of possible market turbulence on Thursday with new estimates of US inventories and US planted area scheduled, traders said.

On Tuesday, South Korean importer NOFI bought 134,000 tons of corn in an international tender and South Korea's Feed Leaders Committee (FLC) purchased around 65,000 tons of corn in a private deal.

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